1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution

Platinum and Palladium Market Update

Platinum and Palladium Market Update from Joseph Glenn Commodities

 
PRLog - Sep. 29, 2011 - BOCA RATON, Fla. -- The platinum price could reach as high as $2 500/oz and palladium $1 400/oz, Montana-based miner Stillwater CEO and chairperson Frank McAllister said on Wednesday.



The combination of sharp cost increases in South Africa, the world’s source for 55% of platinum-group metals, and increased demand from stricter off-road vehicle emissions standards in Japan and the US meant that there would be a “monumental” shift in the market, he told Mining Weekly Online.



“I wouldn’t discount $3 000/oz for platinum, but $2 000/oz to $2 500/oz is very easy for the price to go to within the next year,” McAllister said.



Workers in South Africa’s platinum mines were demanding double-digit wage hikes and had yet to reach an agreement with their employers.



Steep increases in electricity prices and the strong local currency were also hurting producer's costs.



“These are monumental changes, game changers,” McAllister commented.



According to him, off-road vehicles in the US and Japan must this year have catalytic convertors in them, and platinum is a key ingredient in auto catalysts for diesel engines.



“That’s going to demand anywhere between one-million and 1.5-million additional ounces of platinum,” he said, pointing out that world primary platinum production is only about six-million ounces a year, with about one-million to 1.5-million ounces being recycled yearly.



And with the platinum price climbing, McAllister believes the price for its sister metal, palladium, might surge even faster, with the difference in price between platinum and palladium reaching 60% or 70%, from the current 46%.

--- End ---

Click to Share

Contact Email:
***@jgcommodities.com Email Verified
Source:Scott P McMorris
Phone:8882579524
Zip:33487
City/Town:Boca Raton - Florida - United States
Industry:Finance, Business
Tags:joseph glenn commodities, Neil F Robinson, precious metals, platinum, palladium
Shortcut:prlog.org/11678585
Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Latest Press Releases By “

More...

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share